Cobalt Divulges Spud Dates for Next 2 GOM Wells

The next exploratory well in Cobalt's 2010 drilling program, Firefox #1, is scheduled to spud in the first quarter of 2010. Firefox is located in Green Canyon blocks 773 and 817, where BHP Billiton Petroleum (GOM) Inc. is the operator and Cobalt owns a 30% working interest. This prospect lies within the Tahiti Basin approximately six miles northeast of the Heidelberg discovery.

Anticipated North Platte Spud Date

The next Cobalt-operated exploratory well in Cobalt's 2010 drilling program, North Platte #1, is scheduled to spud in the second quarter of 2010. North Platte targets Lower Tertiary horizons and is located in Garden Banks blocks 915, 916, 958, 959 and 960. Cobalt is the operator of North Platte and has a 60% working interest in the prospect. TOTAL E&P USA, INC. owns the remaining 40% working interest. Negotiations are currently in progress to secure a drilling rig to drill this well.

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